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IRONPLANET TO SELL DEPARTMENT OF DEFENSE'S SURPLUS EQUIPMENT
Construction News reports:

IronPlanet has been awarded the U.S. Defense Logistics Agency (DLA) contract to manage and sell rolling stock surplus assets of the U.S. Department of Defense.

The DLA issued the contract to the online seller of used equipment on July 25, 2014, based on competitive bidding held on April 1, 2014. Bids for the surplus contract were based on a percentage of the sales price of the items that bidders will share with the DLA.

IronPlanet estimates sales of $50 to $70 million of rolling stock annually, and its bid was equal to 75.29% revenue share to the DLA.

The surplus contract has a base term of two years, with four one-year renewal options. Following the bid process, Liquidity Services Inc. filed a protest with the Government Accountability Office (GAO). The protest and supplemental protests filed were denied by the GAO on July 23, 2014.

"We are very pleased and excited to be officially awarded this contract, and to partner with the Defense Logistics Agency. We have already begun moving forward leveraging our existing infrastructure and resources to build the dedicated capabilities necessary to maximize the returns for the U.S. Department of Defense, and ultimately the U.S. taxpayer, in selling their surplus rolling stock assets," said Greg Owens, CEO, IronPlanet.

"IronPlanet's nearly 15 years of experience in selling equipment positions us well to meet our objectives in driving value for the DLA and the U.S. Department of Defense as well as building out additional inventory management capabilities for others across the public sector," Owens added.

Rolling stock includes surplus trucks, trailers, generators, wheel loaders, cranes, crawler tractors, and other equipment. While surplus contract volume will begin to flow to IronPlanet in the third quarter of 2014, the contract is scheduled to fully commence in late 2014 and continue into 2015.


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